FAQ’s About Dental One
- In what ways is being an equity partner with a group practice under the Dental One model superior to a solo private practice?
- What makes Dental One different from every other management company out there?
- Why should you consider partnering up with Dental One to help you and your practice grow and be more profitable?
- How has Dental One out-performed solo practitioners and other group practices?
- I’m a young dentist just starting out. What can Dental One do for me?
- I already have a fast growing solo practice. Why should I bother with Dental One?
- Why should I consider learning ortho?
In what ways is being an equity partner with a group practice under the Dental One model superior to a solo private practice?
There are many advantages to being an equity owner / partner with Dental One. Here are just a few of those advantages:
1. Less debt. Lower financial risk. Dental One has many years of experience and an impressive track record of successfully establishing, developing, and growing dental practices. We have our own money at risk with our partner doctors. They never have to bear the entire financial burden alone. That means they have far less money invested (usually about 30% of what a solo doctor has at risk) in their practice than a solo doctor would. That means far less debt. And because established Dental One practices typically generate about two times the revenues of an average solo practice, our partner doctors actually earn more than their solo practice counterparts. In addition, because of our size and buying power, we also purchase equipment, supplies, furniture, and fixtures at deeply discounted prices relative to what solo independent dentists have to pay. Often, these savings can approach 40% or more, and we pass those savings on to our partners and affiliated practices.
2. You are never alone. Solo dentists have to pretend to be experts at many things for which they are utterly unprepared. Very few have the training and experience to navigate the maze of legal, business, financial, personnel, and technology related issues that attend running a solo practice. As a result, solo dentists make lots of mistakes, and they pay a price. At Dental One, our partner doctors have ready access to people with experience, training, and answers to the issues of running a successful dental practice. This means far fewer mistakes get made, and far more progress is possible in much less time.
Many solo dentists report feeling isolated and alone. They yearn for meaningful and lasting relationships with peers and colleagues in whom they can confide. Their attempts to create such relationships through partnerships, associateships, and other means typically end up in professional divorce, with hard feelings all around. There are very good reasons why the vast majority of dentists in America are resigned to practice alone. They simply don’t have the tools to create Win / Win relationships with other doctors. Without the intervention of experienced professionals such as Dental One, such meaningful and lasting relationships will continue to elude the profession.
3. Passive income. One of the greatest downsides of being in solo practice is the fact that the solo doctor is always the primary source of production and revenue. When he or she isn’t there in the practice producing revenue, the practice quickly goes negative because the overhead never stops. Rent comes due. Salaries must be paid. Interest never rests. Tax deadlines arrive. Bills simply continue to pile up regardless of whether the doctor is there to generate revenue or not. So much for worry-free vacations and down time! The realization of this fact causes stress and anxiety for many doctors, and sucks the joy right out of solo practice. They know there are plenty of people depending on them to pull the wagon each and every month. They can’t let everyone down, so they keep plodding along day after day, month after month, hoping things will someday get better. But they don’t.
At Dental One, we can show you how to develop your leadership and interpersonal skills in such a way that you can create viable working relationships with other doctors whereby they will not only help you pull that wagon, but will generate profits and passive income for you along the way. This breakthrough will allow you to realize the true freedom and peace of mind that solo doctors can only dream about. If your quality of life and your family are high priorities to you, then finding ways to establish and maintain passive income should be an important focus. Dental One can show you how.
4. Focus on what you do best. Most dentists know way deep down inside that they aren’t particularly adept at running a business. They do what they can to learn as they go, but they never really get comfortable in the role as business owners. When their frustration levels peak, they call in consultants who come in and attempt to bring order, structure, and discipline to the chaos. But eventually the consultants leave (typically with most of the doctor’s money and amidst cheers from the staff!), and when they do the practice often recedes back to a state of equilibrium far below its potential. Throughout all of this the doctor can be heard saying, “Look, all I want to do is to be able to focus on my patients and my dentistry. I don’t want to have to get involved in all of this other stuff.” Unfortunately, for the solo dentist it just doesn’t work that way. Those who ignore or neglect the full measure of their obligations and responsibilities eventually wake up to find that they have been embezzled, hoodwinked, held hostage by “key” staff members, or worse.
Dental One partner doctors have trusted mentors, friends, and colleagues on whom they can rely to take care of the things they may not be very good at. They always have a voice, but they don’t have to make all of the decisions alone. They get to do what they do best, and for most doctors that means creating and sustaining relationships with patients and delivering the very best dental care possible. Dental One brings together seasoned professionals in human resources, computer and dental technology, marketing, systems, clinical and staff training, real estate, finance, sales, and other disciplines to aid and assist our doctors to run their practices efficiently.
What makes Dental One different from every other management company out there?
They say that half the battle in life is being able to surround yourself with people you like and who you can trust. For over a decade, we’ve proven time and again that character counts; that who we are and how much we care matters far more than what we know. In the final analysis, and as Sam Walton was fond of saying, “Our people make the difference.” We simply have great people here at Dental One; people who share a common set of values, ethics, and vision of who we are and why what we do matters. Our people are professional, competent, dedicated, and possess what we call a “servant leader” mindset. Our motto is that “Together we’re better.” We truly believe that, and seek to add value to our affiliated practices each and every day.
Dental One practices have the look and feel of high quality traditional dental practices. They don’t feel like high-volume, low-fee dental clinics where quality, service, and caring concern for patients take a back seat to money, expediency, and profit. Our belief is that good dentistry is good business, and that if we truly take care of our patients, they will take care of us. We have high standards for ourselves and our providers. We support each other in living up to those standards of clinical excellence and extraordinary service. Our experience has been that when independent practices join the Dental One network, they invariably find that they have to raise the bar in terms of the quality of care and service they provide.
Perhaps the most compelling aspect of Dental One is the way we align our interests with those of our patients, our providers, and our employees. We recognize that fair value for services rendered must be exchanged to sustain these relationships. Patients need to feel comfortable that they have been treated fairly and received excellent dental care at a fair price. Providers need to feel supported and confident in doing what is best for their patients. Employees need to know they are valued, and that what they do is appreciated and important. When all of these things work together in harmony, the business and economic viability of the practice also comes together.
Why should you consider partnering up with Dental One to help you and your practice grow and be more profitable?
Because we can make a positive difference in ways no one else can.
Sometimes, a doctor needs coaching—serious and professional coaching
from someone strong enough to tell the doctor the truth. Sometimes,
a doctor simply needs a fresh perspective from someone who has been there
and done that. In these situations, a professional coach or
consultant can make a huge difference. Unfortunately, outsiders
never really have any stake in the game. They aren’t at risk.
They can walk out at any time with minimal loss.
There are many times and circumstances where a doctor needs more than a consultant or an advisor. He or she needs a true partner—someone to share the load and supply the complementary skills and resources that will enable the practice to achieve its full potential. Consultants don’t take equity positions in practices. They don’t put their own money at risk. At Dental One, we are so sure of our abilities to grow and manage dental practices, that we will take an equity interest in a new or existing practice. We actually prefer it that way. More importantly, so do our partners.
How has Dental One out-performed solo practitioners and other group practices?
It all starts with being in the right places. We operate in some of the highest growth markets in the country—Dallas / Ft. Worth, Houston, San Antonio, Denver, Phoenix, and Salt Lake City. Within those markets, our intimate knowledge of the local communities, competition, and growth trends allows us to select the best locations for our practices.
We know what kind of facilities to build so that they are pleasant and appealing, yet efficient and cost effective. Because of our experience and purchasing power, we estimate that we save approximately $200,000 - $300,000 per practice versus what it would cost a solo dentist. Our partners benefit from that savings.
Of course, it is possible to be in the very best markets, with the very best locations, and at the lowest possible cost, and still not succeed the way we do at Dental One. This is where our expertise in hiring, training, and staff member evaluation comes in to play. Solo dentists can’t really afford to provide the training and support necessary to get all of the team playing by the same set of rules. They therefore tend to hire based on “experience” in dentistry, thinking that if someone comes in with experience, they must know what to do. Our experience suggests that just the opposite is true. “Experience” in dentistry often means that a person comes to the party with an entitlement mentality, an expectation of short hours and high pay with minimal accountability for actual performance and results. It’s sad, but true. Dentists may sense that in their own staff, but often feel helpless to do anything about it. The inmates end up running the asylum and the practice never reaches its potential.
At Dental One, we have developed world class training programs that teach proven systems with clear standards of performance and accountability. Everyone knows their role and how what they do contributes to the overall goal. Many administrative functions are performed off site, freeing up the practice staff to focus 100% on creating the very best patient experience possible. No solo practice can realistically do these things. There simply isn’t enough scale in an independent practice to be able to afford it.
I’m a young dentist just starting out. What can Dental One do for me?
We can help you survive dentistry. We can show you how to get out of this profession with your health, wealth, and sanity intact. That isn’t as easy as it might seem, judging by the vast majority who don’t. We can help prevent you from becoming yet another casualty of this difficult and exacting profession. And perhaps most importantly, we can help prevent you from making critical mistakes that can easily force you to work an extra seven to ten years. In fact, our methods, systems, and partnering approach can easily allow a doctor to retire seven to ten years early. What is an extra seven to ten years of your life worth?
I already have a fast growing solo practice. Why should I bother with Dental One?
Because if your practice continues to grow, chaos and hubris will take over, and the practice will begin to take over your life as it careens out of control. Growth will bring more stress, require more time and effort, and will often result in less money to take home. We know how this works. We’ve been there many times, and we know the end from the beginning. (This doctor is about to experience things she is totally unprepared for. Before she reaches the breaking point, she may want to consider some strategic tools to regain control and take the practice predictably and rationally to the next level.)
I’m in my mid-40’s and I’m wondering whether I should do something else with my life; I need something to challenge me again. I’ve heard that Dental One has had great success teaching GP’s to do Orthodontics. Why should I consider learning ortho?
So, that 10,333rd MOD filling and that 6,227th root canal just aren’t what they used to be, huh? Actually, you sound like you may be a little frustrated, a little bored, and maybe a little burned out with general dentistry. We can’t blame you for that. Many GP’s out there feel the same way. Why ortho, you ask? There are so very many compelling reasons for general dentists to implement orthodontics. Here are a few:
- Contrary to what most doctors were taught in dental school, ortho is a relatively low risk dental procedure. No needles. No surgery. No blood. No drilling. No pain. And if things don’t go just the way the doctor expects, it is relatively easy to back up and try a different approach. (Trust us on this for now. We’ll back it all up later.)
- Our Precision Orthodontic System is relatively easy to learn and apply. Our doctors are typically starting cases in a matter of days following the training. They do so with complete confidence and support. (OK, maybe they’re a little nervous on the first one…)
- The vast majority of general dentists who try to learn orthodontics from other sources are unable to generate enough momentum to really have an effective program. They dabble in it, get frustrated, and often just give up without ever experiencing how great it can be. Not our clients. We support them all the way through each case via our proprietary OrthoExpert Second Opinion and Consultation software. Each case is reviewed and commented on by licensed specialists and / or a highly qualified general dentist.
- Over 80% of the actual hands-on work in orthodontics can be legally and safely delegated to staff. How much longer could you work if your staff could do 80% or 90% of your general dentistry? How much more enjoyable would your professional life be?
- Orthodontics is the single largest cosmetic procedure in all of dentistry. There is high demand for ortho, and the demand is growing each year with fewer orthodontists per capita. Our doctors report that they are better general dentists after learning ortho.
- Our Precision Orthodontic System allows general dentists to offer their patients full mouth ortho treatment in far less time it normally takes to complete a case. This means fewer appointments, fewer extractions, less hassle for busy teens and parents, and much greater patient satisfaction.
- Orthodontics can be highly profitable—when it’s done right. Doctors who have implemented our Precision Orthodontic System are taking home 46% more income, on average, than they were in the year prior to starting the program. About half of these same doctors have developed professional strategic plans to move completely out of general dentistry and do orthodontics full time. Most plan to retire up to 10 years earlier than they had previously thought possible.
- Do it for your patients. They will appreciate not having to be referred out. They will like the idea that you will do the work. They will like that it will take less time. They will like that it will cost less than from the specialist. They will like it so much that they’ll tell all their friends and family what a great practice you have. And most of all, they will love the way they look when you’re finished!